L'Oreal heiress Liliane Bettencourt dies at age 94

PARIS -- Liliane Bettencourt, the L'Oreal cosmetics heiress and the world's richest woman, has died at her home in a chic Parisian suburb. She was 94.

Bettencourt's daughter, Francoise Bettencourt Meyers, said in a written statement Thursday her mother "left peacefully" overnight in Neuilly-sur-Seine.

Liliane Bettencourt was the only child of Eugene Schueller, who founded L'Oreal in the early 20th century. Forbes magazine estimated her fortune to be worth $39.5 billion this year.

L'Oreal chairman and CEO Jean-Paul Agon expressed "great admiration" for Bettencourt. Agon said she "always looked" after the company and its employees, and "she has personally contributed greatly to its success for many years."

Born in 1922 in Paris, she married French politician Andre Bettencourt at the age of 27. Her husband notably served as a minister at the end of the 1960s and beginning of the 1970s. He died in 2007.

Liliane Bettencourt inherited the L'Oreal fortune upon the death of her father in 1957. When the company went public six years later, she continued to own a majority stake.

As the world's leading beauty company, L'Oreal generated sales amounting to 25.8 billion euros in 2016, according to the company.